Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,525/mo
Lowest payment- Down payment
- $70,590
- Funds due
- $81,171
- Interest + MI left
- $382,818
- First ends
- May 2053
Assumption
Assumption + second
$2,775/mo
+$249/mo- Down payment
- $39,590
- Funds due
- $51,437
- Interest + MI left
- $441,614
- First ends
- May 2053
New loan
New conventional
$2,760/mo
+$235/mo- Down payment
- $39,590
- Funds due
- $48,004
- Interest + MI left
- $531,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,310 | $319,310 | $350,310 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,107.85 | $2,107.85 | $2,425.48 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $152.85 | $152.85 | $70.06 |
| Taxes, insurance & HOA | $264.50 | $264.50 | $264.50 |
| Total housing payment | $2,525.20 | $2,774.63 | $2,760.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,590
Closing costs & prepaids$11,847
Usable credit−$0
Total buyer cash needed$51,437
Earnest money paid−$0
Remaining funds due$51,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$343.50
Prepaid interest, first (2 days)$113.73
Prepaid interest, second (2 days)$15.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 6 moOf the original 30-year loan at 6.500%
Interest already paid$74,355Through Nov 2026
Assumption only · ends May 2053$382,818
Assumption + second · ends May 2053, second Dec 2056$441,614
New conventional · ends Dec 2056$531,199